Banks and other financial services providers are increasingly outsourcing digital solutions, with cloud, analytics and automation technologies transforming finance and accounting (F&A) functions across the globe.
Some organizations have gone a step further, harnessing blockchain technology to improve visibility into financial transactions, says IT research firm Information Services Group (ISG) in its latest report.
“CFOs now require anytime, anywhere information to make business decisions faster,” says Esteban Herrera, Partner and global leader of ISG Research.
“Finance is no longer just a support function; it’s a key player in enabling strategy and operations. And with the faster pace of digital business, CFOs are under increasing pressure to leverage emerging technologies that allow them to adapt quickly to changing business conditions and regulatory environments.”
Many organizations have successfully managed to streamline their operations with the help of robotic process automation (RPA), with some of them seeing their productivity improving by “triple-digit” percentages, the report noted.
Thanks to the advancing analytics technology and the growing volume of data, finance executives can now monitor and mitigate financial risks far more easily.
“Artificial intelligence is moving beyond optical character recognition (OCR) technology to natural language processing (NLP) capabilities that enable the automation of more complex work, such as fraud detection and exception handling,” the report added.
With the demand for distributed ledger technology increasing, service providers including IBM, Wipro, and Conduent are placing larger bets on blockchain.
The research firm has said that the report is based on its evaluation of the F&A services of 20 IT providers with global operations.